Singapore is emerging as one of the most forward-looking blockchain development areas on the planet. A recent PwC survey found that respondents in Singapore had the highest level of trust in blockchain, at 37%. Also this year the city-state has seen a massive influx of investment capital focused on the blockchain, and a very favorable position by the Monetary Authority of Singapore (MAS) helps everyone.
All that money for development is flowing into hundreds of companies that are developing unique solutions that potentially have commercial profitability. Most blockchain start-ups must be limited to a scenario of limited use, due to the high cost of development.
There's still a lot that people do not understand about the blockchain, and there have been numerous attacks on technology. Despite the fact that there are probably many ideas that will not come to market, the development of blockchain is producing some great new platforms.
A lot of R & D spending and some dead ends is completely normal for new technology and will probably lead to incredible new tools for a wide range of industries.
The initial reaction of last year's mainstream financial community to blockchain and cryptocurrencies was not very helpful. There is still some bad information out there, especially regarding the feasibility of blockchain as a technology.
Sankalp Shangari is the CEO of LALA World, based in Singapore. He recently told the entrepreneur that,
"Many myths float around technology – it has been called a dubious technology, which may seem promising, but it is porous and could be compromised – reality is far from it – technology is safe and reliable than any other technique available. same time, it is complex and in a nascent stage just as the web was in the early 90s and this is what helps opponents to spread the heresy about it.The need is to understand the its applicability to a particular problem and the impact it has in resolving it. "
LALA World is developing LALA ID, a blockchain-based solution to keep personal information secure in an increasingly connected digital world. As numerous recent data breaches show, the need for online privacy is very real. Mr. Shangari added that, "The world is becoming passionate about the possibilities of this technology, which is gradually growing as an infrastructure pillar of economic functionality, receiving the attention it deserves".
An interconnected whole
One of the biggest advantages Singapore has in the blockchain development space is the connectivity created by a highly populated and highly educated work force. Singapore Power Group (SPG) has just launched a blockchain market that facilitates the trade of renewable energy certificates (REC).
Business entities in Singapore can purchase REC and produce renewable energy. The blockchain platform designed by SPG will go directly to sellers and buyers. Samuel Tan, Singapore Power's chief digital official, said that, "Through blockchain technology, we enable companies to swap certificates of renewable energy in a cost-effective, uninterrupted and secure manner, helping them achieve greener business operations and achieve their sustainability goals."
Quadrant Protocol is another company focused on the Singapore-based company that is taking advantage of what Singapore has to offer to the industry. They are working on making sure that the Artificial Intelligence algos have the best information possible, and the company considers the blockchain an excellent tool for the job.
According to founder Mike Davie,
"Data quality is vital to the success of Artificial Intelligence: The algorithms will believe whatever the data tells them to believe, so the use of poor quality data can lead to unwanted consequences. therefore, they need to know where the data come from and can trust the source.At the same time, the original data providers are rarely compensated fairly.To consumers of data such as data scientists or AI professionals can guarantee quality and provenance of the purchased data, while the suppliers are paid fairly.All compensation is paid in token Quadrant Protocol, which are registered on the blockchain. "
As these ideas and platforms develop, there will almost certainly be overlaps that can create even higher levels of efficiency. Singapore is probably one of the best positions in the world for blockchain technology, and companies that excel in this industry will be well positioned globally to become a market that is starting to be understood by the general public.